August 3 — Earlier this year, Iran's Central Bank announced a ban on cryptocurrency services and initiated reviews of crypto exchanges, signaling a potential crackdown on the industry. However, recent developments suggest a shift in their stance.
According to reports from Iranian media Fars News, the country's National Parliament has decided to form a dedicated cryptocurrency working group. Abolhassan Firouzabadi, head of Iran's Supreme Cyberspace Council, revealed that while final decisions are pending, a specialized team under the Majlis Social Commission is actively researching cryptocurrencies.
Key Responsibilities of the Working Group:
- Establish policies for virtual currency exchanges and mining operations.
- Determine which cryptocurrencies will be legally recognized.
- Explore government-backed digital currencies, potentially similar to Venezuela's "Petro."
Government-Led Mining Initiatives
Iran plans to centralize cryptocurrency mining under state control, excluding private enterprises and individual citizens. This strategic move highlights cryptocurrencies' growing significance in Iran's economic agenda.
Upcoming High-Level Discussions
This Saturday, Firouzabadi will attend a national meeting chaired by President Hassan Rouhani to discuss:
- The role of cryptocurrencies in Iran's economy.
- Proposals for launching a national cryptocurrency.
- The use of global cryptocurrencies like Bitcoin and Ethereum for international transactions.
Geopolitical Context
With U.S. sanctions against Iran taking effect in August, cryptocurrencies could offer a viable workaround for:
- Bypassing traditional banking restrictions.
- Facilitating cross-border trade without intermediaries.
- Mitigating the impact of blocked international payments.
Mining Potential in Iran
Iran's low electricity costs and existing infrastructure make it an attractive hub for crypto mining. Large-scale operations using ASIC or GPU rigs could enable the government to "produce" Bitcoin or Ether independently.
👉 How Iran Could Leverage Crypto to Bypass Sanctions
FAQ Section
Q1: Why is Iran shifting its stance on cryptocurrencies?
A1: Facing U.S. sanctions, Iran sees cryptocurrencies as a tool to maintain economic activity and international trade without relying on traditional banking systems.
Q2: Will private citizens be allowed to mine cryptocurrencies?
A2: No. Initial plans restrict mining to government-controlled operations only.
Q3: What cryptocurrencies might Iran legalize?
A3: The working group will evaluate options, but Bitcoin and Ethereum are likely candidates due to their global adoption.
Q4: How could crypto help Iran evade sanctions?
A4: Cryptocurrencies enable peer-to-peer transactions without intermediaries, allowing Iran to bypass blocked payment channels.
Q5: Is Iran considering a national cryptocurrency?
A5: Yes, inspired by Venezuela's Petro, officials are exploring a state-backed digital currency.
👉 The Future of State-Backed Cryptocurrencies
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks; readers should conduct their own research before making decisions.
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